Ripple Rebounds as It Revisits the $0.41 High
Aug 05, 2022 at 11:15 //
PriceToday, the price of Ripple (XRP) continues its upward movement above the moving average lines. The current support holds as the market reaches the high of $0.37.
During the uptrend on July 30, buyers failed to break through the resistance at $0.41 and the altcoin fell to the low of $0.36. Today, XRP resumes its uptrend and reaches the previous highs.
On the upside, XRP is likely to encounter resistance at $0.38 and $0.41. A break above these resistance levels will catapult the altcoin to $0.45 and $0.48. Conversely, the downward correction will continue if the price retraces and falls below the moving average lines. The market will fall back to the previous lows at $0.32 and $0.30. Meanwhile, XRP is trading at $0.375 at the time of writing.
Ripple indicator analysis
Ripple is at level 56 of the Relative Strength Index for period 14, and it is in the uptrend zone as XRP resumes its upward movement. Ripple's price bars are above the 21-day line SMA and the 50-day line SMA, indicating further upward movement. The altcoin is above the 80% area of the daily stochastic. XRP is trading in the overbought region of the market.
Technical indicators:
Key Resistance Zones: $0.40, $0.45, $0.50
Key Support Zones: $0.30, $0.25, $0.20
What is the next move for Ripple?
Ripple has retreated from previous highs. The cryptocurrency is recovering as it reaches the high of $0.37. Meanwhile, the price action is characterized by small indecisive candles called doji. These candlesticks indicate that buyers and sellers are undecided about the direction of the market.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow
